In the Media

Prof. Sarah Williams speaks with Newsweek reporter Micah McCartney about how China’s construction boom lead to largely uninhabited developments dubbed “ghost cities”. Williams explains: “They needed a return on their investment, so they opened up new land and new loans for overleveraged real estate developers, so those developers could use these loans to pay back previous loans. The easy way to describe it is that it is a bit of a Ponzi scheme."